Business Travel Expense: Tips To Track It

Such a major part of one’s schedule also causes considerable expense. In fact travel is one of the largest expenses a company can incur. A person traveling for work related purposes has many things hanging on their minds, and hence do not really have much time to focus on other tasks, and this may lead to careless spending during their travels. Keeping a careful track of such expenses has numerous benefits. Firstly the obvious financial side is kept in check which is especially important for new businesses. Secondly a proper documentation of expenses can help on an accurate tax return. If your company has a policy for reimbursing you after your trip, then keeping a record will help you get your money back properly.

Don’t worry, be app’y:

With modern technology making our life easier day by day, there is no reason to assume that this convenience does not extend to traveling. With smartphone’s in our pockets, life is considerably more organized (if not easier in the truest sense). There are several smartphone applications (yes that is a terrible pun in the heading) which you can use to keep track of your travel expenses. The best thing about them is that most of them are completely free. Such apps include Expensify, inDinero, Mileage Log+, BizXpense Tracker, Concur Mobile and Shoeboxed.

Business in the Cloud:

For those who just use their phones for the phone’s core purposes of calling, there is another option. If they are not partial to their phone, businessmen or corporate officers,without exception, use a laptop. And that laptop has programs which can help them keep track of travel expenses. Microsoft Office’s spreadsheets is one example. Microsoft Office Online is another tool which saves data in a cloud storage ensuring that it is safe and also easier to share with your coworkers.

It’s the simple things in life:

This point is very trivial but most people don’t care for it anyway. Keep track of your receipts. This will help you later when you are trying to figure out where that couple hundred bucks got to.Make a note each time you get a receipt on your phone or a small notepad and take a photo of that receipt. This might sound too much but when you’re back in the office trying to ask the company to reimburse you, you’ll be glad you did it.

Organization is key:

Being organized never did do anyone harm. You should embrace it when traveling. An hour at the end of each day before turning in, keeping and maintaining a list of the expenses for that particular day. Also be sure to be up to date on your company’s travel policy – it has details on things it will reimburse you for and for those it will not. That expensive bottle of whiskey might just come out of your own pocket. Hence read up first.